Rivals' funds growth neck and neck

Hong Kong and Singapore both report their money management industries grew by 23% in assets last year.

Twenty-three is the number. Hong Kong's Securities and Futures Commission reported yesterday that its annual survey of the local asset management industry revealed AUM growth of 23%, to a total of HK$3,618 billion $465 billion as of end-2004. That matches the pace reported earlier by the Monetary Authority of Singapore, which showed total assets managed in the Lion City also grew by 23% in 2004, to S$572.6 billion $343 billion.

Although there are differences between the type of business being won in the two cities, the biggest difference is in terms of staff. While Singapore remains a hub for money management, Hong Kong is clearly the centre for marketing....

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